 Green mergers and acquisitions and corporate environmental responsibility: Substantial transformation or strategic arbitrage?Peihao Shi and Qinghua Huang Economic Analysis and Policy, 2024, vol. 83, issue C, 1023-1040 Abstract: Green mergers and acquisitions (GM&A) are pivotal for attaining green competitive advantages and fostering sustainable development. This study exploits data from Chinese publicly traded companies spanning 2010–2021 to examine the impact of GM&A on corporate environmental responsibility (CER). Utilizing a difference-in-differences design, the results document that GM&A significantly enhances firms' environmental responsibility. This conclusion remains robust after a comprehensive set of checks. GM&A spurs green technology innovation, eases financial constraints, and elevates corporate environmental awareness, thus mitigating environmental pollution. Additionally, the positive impact of GM&A on CER is particularly pronounced in regions with high market liberalization and firms with substantial social capital. These findings offer valuable insights for policymakers crafting GM&A policies to raise environmental quality and contribute to the literature on the relationship between GM&A and CER. Keywords: Green mergers and acquisitions; Corporate environmental responsibility; Green innovation; Environmental awareness; Ecological development (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:ecanpo:v:83:y:2024:i:c:p:1023-1040 DOI: 10.1016/j.eap.2024.08.013 Access Statistics for this article Economic Analysis and Policy is currently edited by Clevo Wilson More articles in Economic Analysis and Policy from Elsevier |
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